Title
Airport Facility Lease - 4308 Yorkmont Road
Action
Action:
A. Approve a lease with Air General, Inc. for a term of three years for an office and warehouse facility at the Airport related to its airline support services, and
B. Authorize the City Manager to extend the lease for up to two, one-year terms and to amend the lease consistent with the purpose for which the lease was approved.
Body
Staff Resource(s):
Haley Gentry, Aviation
Ted Kaplan, Aviation
Explanation
§ Air General, Inc. is the current tenant of the Airport’s facility at 4308 Yorkmont Road.
§ The leased premises consist of 3,654 square feet of office space and 17,068 square feet of warehouse space in an airfield-accessible facility on the cargo campus of the Airport.
§ Terms of the lease include:
- Annual lease revenue of $237,923.20 based on current fair market value determination, and
- Rent escalations of three percent annually.
Fiscal Note
Funding: Revenues from this lease will be deposited into the Aviation Operating Budget